Quarterly report pursuant to Section 13 or 15(d)

Equipment on Lease, Net

v3.22.2.2
Equipment on Lease, Net
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Equipment on Lease, Net Equipment on Lease, Net
The equipment leased to customers had a cost basis of $9.4 million and accumulated depreciation of $1.3 million as of September 30, 2022. The equipment leased to customers had a cost basis of $9.3 million and accumulated depreciation of $0.9 million as of December 31, 2021.
Total lease revenue earned for the three months ended September 30, 2022 and 2021 was $0.9 million and $0.6 million, respectively. Total lease revenue earned for the nine months ended September 30, 2022 and 2021 was $2.6 million and $1.2 million, respectively. The total depreciation expense was $0.3 million and $0.2 million included in cost of revenue for the three months ended September 30, 2022 and 2021, respectively. The total depreciation expense was $1.3 million and $0.5 million included in cost of revenue for the nine months ended September 30, 2022 and 2021, respectively.
During the three months ended September 30, 2022, the Company had one equipment on lease returned at the end of their operating lease term and immediately leased to another customer and one system was sold through the exercise of the lease's purchase option.
The Company entered into debt secured by certain leased equipment to customers. See Note 10, Long-term Debt, for a description of these financing arrangements.